This paper shows how Poterba, like many others, tries to use a non-existing demand and supply model to explain housing … price. Instead, this paper derives the housing demand and supply functions without combining them into one single graph. The …

variable that quantifies the effect of inelastic supply on local prices, I estimate the relative scale of both supply- and … like population growth, and (b) differences in housing supply elasticity. Much of the metropolitan area demand shifts were … related to housing supply, because a lack of supply in some metropolitan areas caused families to migrate, increasing demand …

Phillips et al. (2015a,b) to identify bubbles and we investigate how economic, nancial and real estate indicators are related …

Although the volatility of house prices is often ascribed to demand-side factors, constraints on housing supply have … the volatility of house prices and the regulation of new housing supply. I then employ a dynamic structural model of … of investment to house prices. I find that supply constraints increase volatility through two channels: First, regulation …